Regulatory Alerts2018-11-13
Amendment to Proper Conduct of Banking Business Directive No. 422 Regarding Current Accounts
The Bank of Israel amended Proper Conduct of Banking Business Directive No. 422 to update requirements for opening and managing current accounts with no credit facility. The revision allows banking corporations to request trustee authorization for e-banking transactions by customers in bankruptcy proceedings and mandates clear communication of required documents for branch visits. These changes aim to balance customer convenience with necessary safeguards while reducing administrative burdens for both banks and clients.
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